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MCA imposes penalty on Company & Directors for not filing Financial Statements

December 8, 2022 4089 Views 0 comment Print

As per MCA Registry company has not filed its Financial Statements for the financial year 2019-20 and 2020-2021. This office has issued Show Cause Notice for violation of section 137(1) of the Companies Act, 2013 read with Companies (Adjudication of Penalties) Rules, 2014

Number of recognized Startups increased from 452 in 2016 to 84,012 in 2022

December 8, 2022 1062 Views 0 comment Print

Sustained Government efforts result in increasing the number of recognized Startups from 452 in 2016 to 84,012 in 2022 Sustained Government efforts in this direction have resulted in increasing the   number of recognized Startups from 452 in 2016 to 84,012 in 2022 (as on 30th November 2022), Minister of State for Commerce and Industry, Shri […]

Special Economic Zones (Fifth Amendment) Rules, 2022

December 8, 2022 3267 Views 0 comment Print

MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) NOTIFICATION New Delhi, the 8th December, 2022 G.S.R. 868(E).— In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic Zones Rules, 2006, namely:— 1. […]

DGFT amends Appendix -2J – List of State Trading Enterprises for FTP purpose

December 8, 2022 2502 Views 0 comment Print

Revised / updated Appendix — 2J – List of State Trading Enterprises (STEs) for FTP purpose and eligible STEs for allocation of quota for import under the Tariff Rate Quota (TRQ), is notified. Through this Public Notice, some of the existing entities have been de­listed as STE and some new entities have been included as STE for FTP purpose.

Insurance cover for new-borns/infants under Health insurance policies

December 8, 2022 1287 Views 0 comment Print

Provision15(c) of guidelines on Standard Individual Health Insurance Product bearing ref: IRDAI/HLT/REG/CIR/001/1/2020 dated 1.1.2020 stands modified wherein 15(c) A.20 Internal Congenital Anomalies stands deleted from the list of diseases under specific waiting period

Section 54 deduction – ITAT restores matter to AO

December 8, 2022 582 Views 0 comment Print

Late Smt. Kanta Chandak Vs ITO (ITAT Jodhpur) On merits, the ld. AR submitted that the issue raked up by Ld PCIT relate to the deduction claimed by these assessees u/s 54 of the Act, which was allowed by the AO in the original assessment proceedings. He submitted that these assessees could not furnish proper […]

All about TDS on Salary for Financial Year 2022-23 / Assessment Year 2023-24

December 7, 2022 85191 Views 1 comment Print

DEDUCTION OF TAX AT SOURCE- INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 DURING THE FINANCIAL YEAR 2022-23

Constitution of Working Group for suggesting regulatory framework post de-notification of existing tariffs

December 7, 2022 939 Views 0 comment Print

Pursuant to withdrawal of tariffs to rates, terms, conditions and regulations applicable to Fire, Engineering, Motor, Workmen’s Compensation and other classes of business by Tariff Advisory Committee

interest income earned by co-op society from co-op banks qualifies for deduction u/s 80(P)(2)(d)

December 7, 2022 3966 Views 0 comment Print

Lokmangal Nagri Sahakari Path Sanstha Maryadit Vs PCIT (ITAT Pune) In the present case, we find that admittedly the interest income was earned from the cooperative banks, the cooperative bank is also a specie of cooperative society, therefore, the interest income earned by the cooperative society from the cooperative banks qualifies for deduction u/s 80(P)(2)(d) […]

Section 263 not invocable if assessment order is not erroneous or prejudicial to interests of revenue

December 7, 2022 1566 Views 0 comment Print

Shri Arunoday Multi State Cooperative Credit Society Ltd. Vs PCIT (ITAT Pune) The issue in the present appeal relates to the validity of assumption of jurisdiction u/s 263 by the ld. PCIT. The Parliament had conferred the power of revision on the Commissioner of Income Tax u/s 263 of the Act in case the assessment […]

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